Trade surplus jumps to 2.85 billion USD as exports surge

Hanoi (VNA) – A surge in exports pushed Vietnam’s trade surplus to
2.85 billion USD in the first seven months of this year, reported the General
Department of Vietnam Customs.

Vietnam saw a trade deficit of 2.61 billion USD the same time last year,
according to the department.

The country’s export turnover increased 16 percent year on year to 134.51
billion USD during the January-July pẻiod, of which the foreign direct
investment (FDI) sector contributed 94.2 billion USD, up 15.9 percent from the
same time last year, occupying 70 percent of the total export value.

Phones and components topped the list with export turnover of 26.48 billion
USD, up 17.4 percent year on year. Shipments to the EU were worth 7.79 billion
USD, up 16.5 percent, while those to China, the US, the Republic of Korea, and
the United Arab Emirates were valued at 2.86 billion USD, 2.74 billion USD,
2.63 billion USD and 2.45 billion USD, respectively.

Meanwhile, the garment and textile sector earned 16.52 billion USD, 16 percent more
than the same time in 2017. The US continued to be the largest importer, buying
7.69 billion USD of Vietnamese garments, followed by the EU with 2.23 billion
USD, Japan with 2.05 billion USD and the Republic of Korea with 1.57 billion
USD.